It takes a tremendous amount of money and time to set up a business. Over time, your company may accumulate assets such as buildings, inventory, and machinery, and it may gather a large workforce as well. These components are crucial for productivity, and as such, it’s important to protect them with business insurance. However, many business owners don’t know where to begin when filing a claim. Read on to learn more about the property insurance claims process and the public adjuster’s role in it.

When is the Right Time to File a Property Insurance Claim?

It’s important to start the claims process as soon as possible after an event occurs. Any delay, no matter how short, may prolong the process and lengthen the time required for reimbursement. You should accurately report damage to your business’ property as well as damage to third-party assets. With the help of a public adjuster, you’ll be able to navigate the claim as quickly and easily as possible. In the sections below, you’ll learn some guidelines on the systematic filing of business property insurance claims.

Assessing the Situation and Contacting Emergency Services

It should go without saying, but be sure to notify emergency services if there’s an ongoing hazard, severe damage, or a serious injury. Complete the appropriate reports and be sure to keep copies for your records and for use by a public adjuster.

Call Your Insurance Company

Next, provide the incident’s details to your agent, including data that supports your claim. The documentation you provide may be anything from a forensic accountant’s findings to pictures taken after an on-the-job mishap. Your agent will help you with the paperwork necessary to initiate the claim.

Work With a Public Adjuster

While your insurer will assign an adjuster to the claim, it’s important to note that they’re on the insurer’s side, not yours. However, a public adjuster will consider your best interests when verifying damages and offering guidance. If the claim is relatively small, the adjuster may be able to settle it in one visit. For larger claims such as severe injuries, embezzlement, or fraud, an investigation is necessary to gather the information needed for settlement.

Considerations to Make Before Filing a Business Property Insurance Claim

The time required to settle a commercial insurance claim depends on the nature of the loss and the expected level of compensation. You might need a follow-up strategy if the damage is severe and the claim is taking longer than expected. When business losses occur, think of these factors.

  • A loss mitigation team: If the claim is large, consider hiring a public adjuster. Although his or her reports will be verified by the insurance company’s claims adjuster, you’ll get the reassurance that comes with knowing those reports were prepared by your advocate.
  • Business interruption: This is a substantial concern, particularly in large claims. The time passing during the adjustment phase isn’t typically included in compensation, and it may cause significant losses if you’re not prepared for downtime.
  • Forensic accounting: A public adjuster may suggest that an accountant review the incident and related events that may affect the claim.

The Final Word

If you’re working with a public adjuster, you can count on them for advocacy throughout the negotiation and claims processes. Furthermore, public adjusters can provide advice to those seeking policies that will help them recover from on-the-job injuries, accidents, and other business-related perils.

Business Owner’s Guide to Getting the Most for Your Property Insurance Claim

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